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United States guarantees $1.25 in loans for Jordan

From the U.S. State Department:

The United States today re-affirmed its strong commitment to the people of Jordan by signing a sovereign loan guarantee agreement with the Hashemite Kingdom of Jordan.

The United States’ guarantee makes it easier for the Government of Jordan to borrow money from international capital markets and provide critical services to its citizens as it enacts economic reforms while also hosting more than half a million refugees fleeing the violence inside Syria.

The signing of this loan guarantee agreement fulfills the commitment made by President Obama in Amman, Jordan, March 22, 2013, when he announced his intention to work with Congress to provide loan guarantees to Jordan this year.

This will be the first U.S. loan guarantee to the Government of Jordan. Pursuant to the loan guarantee agreement, the United States would guarantee repayment of principal and interest on the issuance of up to a $1.25 billion, seven-year Jordanian sovereign bond.

The Administration is working with Congress with the goal of providing the guarantee in October. Final terms, pricing, and the face amount of the bond are determined at official entry into force of the agreement shortly before the financial closing.

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